VANCOUVER, British Columbia, Dec. 9, 2015 (GLOBE NEWSWIRE) -- Cardero Resource Corp. ("Cardero" or the "Company") (TSX:CDU) (Frankfurt:CR5) reports that the Continued Listing Committee of the Toronto Stock Exchange ("TSX") has completed its review of the Company and determined that it meets the TSX's continued listing requirements.
"With the acquisition of the advanced Zonia copper-oxide resource in Arizona, Cardero begins a new chapter with a new asset and will remain on the main board at the TSX," stated Henk van Alphen, Cardero's CEO. "Cardero has just published a maiden NI 43-101 resource estimate for Zonia and intends to move quickly to publish a preliminary economic assessment in early 2016. That report will outline the selected development route and will be the basis for the detailed engineering and permitting to follow."
Zonia is a near-surface copper-oxide resource project on an already pre-stripped brownfields site. The deposit is amenable to truck and shovel open pit mining and copper recovery via leaching and SX-EW processing to copper cathode. The entire NI 43-101 mineral resource (see previous news release December 3, 2015) is located on private land and Cardero's plan going forward is to complete detailed engineering in anticipation of permitting phase I of the project within 2 to 3 years.
The Zonia copper oxide deposit is located in Arizona, USA. The project has undergone comprehensive exploration, metallurgical studies and mine development planning. Drilling on the property totals more than 60,000 meters in almost 700 drill holes, reducing technical risk considerably. Less than 30% of the complete land position has been explored and there is potential for expansion to the northeast and at depth. The deposit has undergone deep oxidation from surface and metallurgical studies demonstrate that heap-leaching and SX-EW processing is appropriate to produce cathode copper, with an expected recovery of 73% overall.
Keith Henderson P.Geo., Cardero's Vice President and a qualified person as defined by National Instrument 43-101, has reviewed the scientific information that forms the basis for portions of this news release, and has approved the disclosure herein. Mr. Henderson is not independent of the Company as he is an officer, a shareholder and holds incentive options and warrants.
ABOUT CARDERO RESOURCE CORP.
The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), and the Frankfurt Stock Exchange (symbol CR5). For further details on the Company readers are referred to the Company's web site (www.cardero.com) and Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
CARDERO RESOURCE CORP.
"Henk van Alphen" (signed)
Henk van Alphen, CEO and President
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Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes certain information that may be deemed "forward looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the potential of Zonia general future plans and objectives for the Zonia project, the completion of the Plan and receipt of shareholder and regulatory approval therefore, the likelihood of receipt of value from the Retained Right, the availability of financing to the Company and the Company's plan in relation to its listing review are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.